Mintos adds three new lenders to its platform
European lending marketplace Mintos has added three companies to its platform: Kazakhstani car lender Jet Finance and two Mexican lenders, GoCredit and Conmigo Vales.
Mintos said that Jet Finance has issued more than €12m (£10.2m) in loans to its 3,200 clients to date.
“We’re excited to announce the launch of Jet Finance on Mintos, one of the front-runners in Kazakhstan’s car lending market,” Mintos said.
Read more: Mintos recovers funds from suspended lending company
Meanwhile, GoCredit issues direct debit loans, meaning loans which are automatically deducted once the borrowers receive a salary or pension in their bank accounts, and payroll loans, which are deducted by the employer before the borrowers receive their net income, removing the risk of the borrower’s willingness to pay.
Both of these will be listed as personal loans on Mintos.
Mintos also announced the addition of Conmigo Vales to the platform, which works with local communities in Mexico. It partners with distributors who grant loans to people via vouchers which are used to purchase goods or services for daily needs.
All three lenders have 10 per cent the skin in the game and a buyback obligation.
Read more: Mintos legal action secures €2.2m investor repayments
On the Mintos platform, Jet Finance offers returns of up to nine per cent from loans at an average amount of €3,900 and terms of 39 months and has been given a Mintos risk score of seven, on a scale from 10 (low risk) to one (high risk).
GoCredit and Conmigo Vales both have risk scores of six.
GoCredit offers returns up to nine per cent and has an average APR of 69 per cent for payroll loans and 129 per cent for direct debit loans and €1,400 average loan amount for payroll loans and €1,000 for direct debit loans. The average term is 36 months for payroll loans and 30 months for direct debit loans.
Read more: UK litigation funder joins Mintos lending companies
Conmigo Vales offers returns up to 11 per cent from average loan amounts of €250 and average loan terms of seven per cent.